Abbott Enhances Pharmaceutical Pipeline with Acquisition of Facet Biotech

ABBOTT PARK, Illinois and REDWOOD CITY, California, March 9, 2010
(ots/PRNewswire) -- Abbott and Facet Biotech Corporation announced
today a definitive agreement for Abbott to acquire Facet, enhancing
Abbott's early- and mid-stage pharmaceutical pipeline. Abbott will
acquire Facet for US$27 per share in cash for a net transaction value
of approximately US$450 million, which includes a purchase price of
approximately US$722 million less Facet's projected cash and
marketable securities at closing of approximately US$272 million.

The acquisition brings access to biologics in two key therapeutic
areas, immunology and oncology. The compounds include daclizumab - a
Phase II investigational biologic intended to treat multiple
sclerosis (MS) that is expected to move into Phase III development in
the second quarter 2010 - and oncology compounds in early- to
mid-stage development. Daclizumab is being developed in collaboration
with Biogen Idec and certain oncology compounds are being developed
in collaboration with other parties.

"This acquisition will further strengthen Abbott's biologics
capabilities and pharmaceutical pipeline," said John Leonard, M.D.,
senior vice president, global pharmaceutical research and
development, Abbott. "Daclizumab is a promising treatment for
multiple sclerosis, a disease that has a significant unmet medical
need, and has the potential to become an important treatment option
for patients. We continue to explore multiple mechanisms to treat
autoimmune diseases and cancer with both biologic and small molecule
approaches."

"We believe this transaction provides full and fair value for our
stockholders and validates the potential of Facet's clinical and
technology assets, all of which has resulted from the effort and
dedication of our employees," said Faheem Hasnain, president and
chief executive officer, Facet Biotech. "Abbott's depth of expertise
in immunology and oncology makes it an excellent organization to
maximize the full potential of these promising clinical programs and
technologies."

Multiple sclerosis is an inflammatory disease of the central
nervous system affecting more than 1 million people worldwide, and is
characterized by lesions in the brain and spinal cord. Daclizumab is
a humanized antibody that binds to the high affinity IL-2 receptor
and selectively inhibits this receptor on activated T cells. Studies
to date have shown that daclizumab may reduce the inflammatory
lesions associated with MS and has the potential to offer enhanced
efficacy over many existing MS therapies along with a favorable
safety profile.

Facet's oncology collaborations include early- and mid-stage
compounds that are being studied to treat different types of cancer,
including multiple myeloma and chronic lymphocytic leukemia.

These novel compounds in development complement Abbott's
leading-edge research in oncology, which includes three compounds in
mid- to late-stage trials: ABT-263, a Bcl-2 family protein
antagonist; ABT-888, a PARP inhibitor; and ABT-869, a multi-targeted
kinase inhibitor.

Abbott is also advancing treatments for conditions such as
Alzheimer's disease, schizophrenia, hepatitis C and pain.

Under the terms of the agreement, Abbott will promptly commence a
tender offer to purchase all outstanding shares of Facet Biotech at
US$27 per share. The closing of the tender offer is conditioned on
the tender of a majority of the outstanding shares of Facet's common
stock on a fully diluted basis and the satisfaction of regulatory and
other customary conditions. The transaction has been approved on
behalf of the boards of directors of Facet and Abbott. Approval of
the transaction by Abbott's shareholders is not required.

The transaction is expected to close in the second quarter of
2010. Abbott would expect to incur one-time specified charges
following the closing of the acquisition, which will be defined at a
later date. This transaction does not impact Abbott's previously
issued ongoing earnings-per-share guidance for 2010.

Centerview Partners served as financial advisor to Facet Biotech
and rendered a fairness opinion to Facet Biotech's board of directors
in connection with the transaction.

About Facet Biotech

Facet Biotech is a biotechnology company dedicated to advancing
its pipeline of five clinical-stage products focused in multiple
sclerosis and oncology, leveraging its research and development
capabilities to identify and develop new oncology drugs and applying
its proprietary next-generation protein engineering technologies to
potentially improve the clinical performance of protein therapeutics.
Facet Biotech has development collaborations with Biogen Idec,
Bristol-Myers Squibb Company and Trubion Pharmaceuticals. For
additional information about the company, please visit
www.facetbiotech.com.

About Abbott

Abbott is a global, broad-based health care company devoted to
the discovery, development, manufacture and marketing of
pharmaceuticals and medical products, including nutritionals, devices
and diagnostics. The company employs approximately 83,000 people and
markets its products in more than 130 countries.

Abbott's news releases and other information are available on the
company's Web site at www.abbott.com.

Additional Information

The tender offer for shares of Facet Biotech Corporation
described in this press release has not yet commenced. This press
release is neither an offer to purchase nor a solicitation of an
offer to sell securities. At the time the tender offer is commenced,
Abbott will file a tender offer statement (including an offer to
purchase, letter of transmittal and related tender offer documents)
with the U.S. Securities and Exchange Commission (SEC) and Facet
Biotech will file with the SEC a solicitation/recommendation
statement with respect to the offer. Stockholders of Facet Biotech
are strongly advised to read the tender offer statement and the
related solicitation/recommendation statement, because they will
contain important information that stockholders should consider
before making any decision regarding tendering their shares. The
tender offer statement and certain other offer documents, as well as
the solicitation/recommendation statement, will be made available to
all stockholders of Facet Biotech at no expense to them. These
documents will be available at no charge on the SEC's web site at
http://www.sec.gov.

Facet Biotech Forward Looking Statement

This press release contains forward-looking statements of Facet
Biotech that are not historical facts. These forward-looking
statements may be identified by words such as "anticipate," "expect,"
"suggest," "plan," "believe," "intend," "estimate," "target,"
"project," "could," "should," "may," "will," "would," "continue,"
"forecast," and other similar expressions. Each of these
forward-looking statements involves risks and uncertainties. Actual
results may differ materially from those, express or implied, in
these forward-looking statements. Various factors may cause
differences between current expectations and actual results. The
factors include risks and uncertainties associated with the tender
offer, including uncertainties as to the timing of the tender offer
and merger, uncertainties as to how many of Facet Biotech's
stockholders will tender their shares in the offer, the risk that
competing offers will be made, and the possibility that various
closing conditions for the transaction may not be satisfied or
waived. Other factors that may cause Facet Biotech's actual results
to differ materially from those expressed or implied in the
forward-looking statements in this press release are discussed in
Facet Biotech's filings with the Securities and Exchange Commission
(SEC), including the "Risk Factors" sections of the Company's
periodic reports on Form 10-K and Form 10-Q filed with the SEC.
Copies of Facet Biotech's filings with the SEC may be obtained at the
"Investor" section of Facet Biotech's website at
www.facetbiotech.com. Facet Biotech expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Facet Biotech's expectations with regard
thereto or any change in events, conditions or circumstances on which
any such statements are based for any reason, except as required by
law, even as new information becomes available or other events occur
in the future. All forward-looking statements in this press release
are qualified in their entirety by this cautionary statement.

Abbott Forward Looking Statement

Some statements in this news release, including statements
regarding the anticipated closing of the above transaction and the
effect on Abbott's financial performance, may be forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995. Abbott cautions that these forward-looking statements
are subject to risks and uncertainties that may cause actual results
to differ materially from those indicated in the forward-looking
statements. Among other things, these factors include the risk that
the acquisition will not be completed because the tender offer did
not proceed as anticipated or closing conditions to the acquisition
were not satisfied. Economic, competitive, governmental,
technological and other factors that may affect Abbott's operations
are discussed in Item 1A, "Risk Factors," to Abbott's Annual Report
on Securities and Exchange Commission Form 10-K for the year ended
Dec. 31, 2009, and are incorporated by reference. Abbott undertakes
no obligation to release publicly any revisions to forward-looking
statements as a result of subsequent events or developments. To the
extent that Abbott's statements refer to the prospects of Facet
Biotech's business, such statements are qualified by Facet Biotech's
forward looking statement language appearing above.

ots Originaltext: Abbott Laboratories
Im Internet recherchierbar: http://www.presseportal.de

Contact:
CONTACT: Media, Melissa Brotz, +1-847-935-3456, or Scott
Stoffel,+1-847-936-9502, or Investors, Larry Peepo, +1-847-935-6722,
all of Abbott;or Facet Media, Cindy Leggett-Flynn, +1-212-333-3810,
or Facet Investors,Jean Suzuki, +1-650-454-2648